SCHEDULES

C1C2SCHEDULE 4 Form and Content of Company Accounts

Annotations:
Modifications etc. (not altering text)

Part II Accounting Principles and Rules

Section B Historical Cost Accounting Rules

Miscellaneous and supplementary provisions

25

1

Subject to the following sub-paragraph, assets which fall to be included—

a

amongst the fixed assets of a company under the item “tangible assets”; or

b

amongst the current assets of a company under the item “raw materials and consumables”;may be included at a fixed quantity and value.

2

Sub-paragraph (1) applies to assets of a kind which are constantly being replaced, where—

a

their overall value is not material to assessing the company’s state of affairs; and

b

their quantity, value and composition are not subject to material variation.

Determination of purchase price or production cost